Print Edition - 2017-03-21  |  Money Digest

WB announces $57b financing for Africa

- AFP, WASHINGTON

Mar 21, 2017-

The World Bank on Sunday announced $57 billion in financing for sub-Saharan Africa over the next three fiscal years. Of that total, $45 billion will come from the International Development Association, the World Bank fund that provides grants and interest-free loans for the world’s poorest countries. The package will also feature an estimated $8 billion in private sector investments from the International Finance Corporation, a private-sector branch of World Bank, and $4 billion will come from the International Bank for Reconstruction and Development, the bank’s unit for middle-income nations, World Bank president Jim Yong Kim said in a statement. Germany, which hosted a meeting of the G20 countries Friday and Saturday, said that a partnership called “Compact with Africa” would be a priority of its presidency this year of that club of powerful nations. 

Published: 21-03-2017 10:38

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